The Portland daily press., 1887-03-07
the LEcisLA1<%r
Important insurance Bills u. ler
Consideration.
More Acts and Resolves Approved by
Governor BodwelI.
Especial to the PREss.l

topccidl 10 the PRESS.1
AUGUSTA, March 3.
Some insurance bills are now before the Le-
gisature which propose essential changes in
the present laws of the State. One of these
bills, relating to special brokers, and in
tended to allow a greater latitude in placing
risks in other than the companies licensed
TO do business in the State, has been report
ed favorable from the insurance committee,
bat is now on the table in the House pending
its third reading. This is the bill:
! Section !. Section seventy-three of chapter for
ty-nine OF the Revised Statutes is hereby amended
so that said section as amended shall read as fol
| lows:
| Sect 73. No person shall act as agent of an In
surance company until there has been filed with
tL sne commissioner duplicate power OF attorney
from the company or its authorized agent, EN-
| powering him to act, or a certificate from the
| company setting forth that such person has been
| duly appointed and authorized as agent thereof.
| Upon filing such power or certificate the commits
Sloner shall issue license to him. is the company
10 az Sn company Of mas received license
such license shan continue until the first day of
as sne next july ana may Re renewed from year TO
Liat Rls agency Is continued. For each such IL
cense cen OF renew, the commissioner shall receive
ONE on qoa for@srda AND any person soics receives
first receiving such license, c or frauduIentIy Hiy
oSsnn svSaSs ~, W De an agent ana thus pro-
cures lures risks and receives money for premiums, he
shail be punished by fine not exceeding fifty
9eoiiars or Imprisonment not exceeding sixty days
ior each ofence and the insurance Commissioner
may revoke such lcense but any policy issued
on such application binds the company IL other
WISE WISE wand. Agents of duly authorized insurance
companies may place risks with agents of other
aiuIy authorized companies when necessary for
'iis see aueequate insurance OF property.
nine Of the Revised Statutes is hereby amended
lows: 1850 80 ~
Sect 74.-Any person may be licensed by the
commissioner as broker to negotiate contracts
oi insurance, and to effect insurance for others
tnan himself for compensation and by virtue of
such license he may place risks or effect insur-
ance with any company of this State, with the
sgeats 3 any Gy foreign who had been Il
authorizing him thus to act until the first day of
his license may be renewed from year to wear.
ending ending on the first day of each July: Whoever
ks., ksr, snall De punished by fine not exceeding
1ity dollars or by Imprisonment not more than
SiSsy Gays Tor each offence, and the insurance
commissioner may revoke such licenses.
Sect: 3-SectiOn eighty-four of chapter forty
nine OF the Revised Statutes is hereby amended SO
ioiat a SAID section as amended shall read as fol-
Sect. s4.-Penalties provided by this chapter
may be recovered In action of debt in the name
ana 70 tne use OF the State or enforced by indct
ment. The county attorney for the county where
Ine penalties are incurred shall prosecute there
m lor az the ulrectlon OF the insurance commissions
Ell or may prosecute therefor on complaint made |
70 nm Dy any citizen and shall be entitled TO tax
able costs IN the enforcement of this statute
Sect; 4.-Section eighty-seven of chapter forty
nine of the Revised Statutes is hereby amended
lows: -
Sect s7;-No foreign fire or marine insurance
company shall be admitted to do business in the |
STATE unies II has bona Jide, paid up unimpaired
capltal, II stock company, OF at least two |
hundred tho1sand dollors well invested |
N or secured by real estate bonds, |
STOCK or securities other than names alone |
or IL mutual company net cash assets to /
tne amount aforesaid; and no foreign life tcas
ualIy, nealth or live stock) insurance company |
snail be so admitted unless it has bona fde paid
up, unlmpared capital, if stock company. Of at |
least one hundred thousand dollars well invested
in or secured by real estate bonds stocks or SCI
curltles other than names alone; or if mutual |
company net cash assets to the amount aforesaid
the courts Of this State of jurisdiction OF
actlon against such companies, nor limit
IN tae tlme l OF commencing them to. period
time when the cause of action accr ues 11rovtded
that this section does not apply to aiiy foreign
company admitted before March 26th, 1875.
Another bill relates to surety. companies.
and would amend Sec. IA of Chap. 2S4 of the
Public laws of 1885, so the section shall read
as follows:
Sect 14.-Every surety company, not incorpor-
ated IN this State, applying for admission to |
transact business therein, shall pay to the insur-
ance commissioner, for the use Of the State upon |
ming copy Of Its charter or deed of settlement |
ana statement preliminary to admission license |
zee OF twenty dollars and like sum annually for |
each renewal of said license and for each agents
certificate, annually, the sum of one dollar. Said
companies shall also pay or before the FIRST day
oi MAY, annually, tax OF two per cent. upon all
premiums received IN excess over losses actually
paid during the year, on contracts made in the !
Seate M and over rebates on premiums allowed to
Pa IS1ns ~ guaTanteed Sad tax to be assessed and
OF Chap. d, OF the Rev ised Statutes